Freight Transport Management Global Market Report 2024

The freight transport management market size has grown rapidly in recent years. It will grow from $24.54 billion in 2023 to $27.28 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed during the historic period can be ascribed to factors such as increased globalization, population growth, rising demand for goods and services, expansion of government policies promoting global trade, and the escalation of freight transportation.

The freight transport management market size is expected to see rapid growth in the next few years. It will grow to $41.18 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to trade expansion, the rise of the e-commerce industry, the increasing complexity of supply chains, growing demand for freight management solutions, and rising transport volumes. Major trends expected during the forecast period include technological advancements, a shift towards information technology-driven growth, product innovation, investment in advanced transport management solutions, and advancements in freight transport management systems.

The upward trajectory of the e-commerce industry is poised to propel the expansion of the freight transport management market in the foreseeable future. E-commerce encompasses the buying and selling of goods and services over the internet, spanning various online transactions such as retail purchases, online auctions, digital downloads, and business-to-business trading. This industry's growth is driven by increased internet penetration, expanding mobile connectivity, consumer preference for convenience, and continual advancements in online shopping platforms and technologies. Freight transport management plays a crucial role in the e-commerce sector, ensuring the efficient and timely delivery of goods to customers, optimizing logistics operations, minimizing shipping costs, and upholding customer satisfaction. For example, in October 2021, according to a report by the International Trade Administration, e-commerce for consumer goods is projected to constitute around 22% of total global retail sales by 2024, with an estimated average annual growth rate exceeding 1%. Additionally, retail e-commerce sales are anticipated to demonstrate steady, long-term expansion, with an estimated 8% increase in all global retail e-commerce sales expected through 2024. Consequently, the surge of the e-commerce industry is propelling the growth of the freight transport management market.

Key players in the freight transport management market are focusing on developing innovative software solutions, such as transport management software, to better serve customers with advanced features. Transportation management software (TMS) is a specialized software system utilized by logistics and supply chain professionals to plan, execute, and optimize the transportation of goods. For instance, in December 2022, WrxFlo, a supply chain software provider based in Ireland, introduced the WrxFlo Transport Management System. This software solution is tailored to help businesses efficiently manage the logistics of transporting physical goods across various modes of transportation, including land, air, or sea. The comprehensive platform enables companies to streamline operations by overseeing all transportation activities across their global supply chain. With WrxFlo TMS, haulage operators can efficiently plan, execute, and visualize logistics strategies in real-time, leading to time savings and cost reductions.

In November 2021, Transportation Insight Holding Company, a logistics company based in the US, acquired SwanLeap Inc. for an undisclosed sum. Through this acquisition, Transportation Insight Holding Company intends to integrate SwanLeap's proprietary, multimodal TMS and robust analytics into its end-to-end logistics services, thereby offering a comprehensive, multimodal transportation management platform. SwanLeap Inc. is a US-based provider of freight transport management solutions.

Major companies operating in the freight transport management market are DHL International GmbH, Amazon Web Services Inc., CEVA Logistics, Accenture Plc, IBM Corporation, Oracle Corporation, DSV A/S, SAP SE, Union Pacific Corp., Cleveland-Cliffs Inc., Geodis SA, DB Schenker, Landstar System Inc., Korber AG, Fusion Transport, Universal Logistics Holdings Inc., Transportation Insight LLC, SEKO Logistics Ltd., Covenant, Manhattan Associates inc., Descartes Systems Group Inc., IBS Software, JDA Software Group Inc., CTSI-Global, HighJump Software LLC.

North America was the largest region in the freight transport management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the freight transport management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the freight transport management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Freight transport management involves the strategic planning, coordination, and optimization of goods movement between locations. It includes various tasks such as route planning, carrier selection, freight booking, shipment tracking, and logistics management. Its goal is to ensure efficient, cost-effective, and timely delivery of goods while maximizing resource utilization and minimizing operational complexities.

The primary offerings in freight transport management are solutions and services. Solutions are methods or approaches designed to effectively solve problems or address challenges. They can be deployed on-premises or in the cloud and are utilized for road freight, rail freight, air freight, and ocean freight. These solutions cater to various industries including manufacturing, retail, healthcare, oil and gas, food and beverage, among others.

The freight transport management market research report is one of a series of new reports that provides freight transport management market statistics, including freight transport management industry global market size, regional shares, competitors with a freight transport management market share, detailed freight transport management market segments, market trends and opportunities, and any further data you may need to thrive in the freight transport management industry. This freight transport management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The freight transport management market includes revenues earned by entities by providing services such as carrier selection, route optimization, freight forwarding, shipment tracking and visibility. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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